Color Correction of a Video
Yes, you can do color correction in both the compositor, and in the color management tools of the Scene Tab.

I would use the Scene Tab option for Black and White, as it is pretty simple to do.

My recommendation would be to render one frame, get this set the way you like it in the UV/Image Editor, and then render your sequence.



Here's a look at the compositor (NOTE for just B&amp;W adjustments, BrightContrast Node might be all you need). For rendering an existing Image Sequence change your Input to Image Sequence. If you want to influence color there is a Color Balance node just for this reason (although you could just play with grayscale values here as well). This is a huge topic, so this is not definitive, just a good starting point. You could use all sorts of things like color ramps, blurs, etc... to get the "LOOK" that you are going for. 

If you find that you need to animate the color balance at any point in your timeline, you can keyframe any slider value by hovering your mouse over that value and hitting I as well.